Facebook renamed its digital wallet from Calibra to Novi, moving the cryptocurrency storage tool into its own standalone app while maintaining integration with Messenger and WhatsApp. David Marcus, w
Facebook renamed its digital wallet from Calibra to Novi, moving the cryptocurrency storage tool into its own standalone app while maintaining integration with Messenger and WhatsApp.
David Marcus, who led Calibra before the rebranding, heads the new Novi initiative. The name Novi draws from Latin—"novus" for new and "via" for way. Facebook set up Novi Financial as a separate subsidiary to develop and operate the wallet independent from the parent company.
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"The first product Novi Financial will introduce is the Novi digital wallet designed for Libra, a new payment system which is built on innovative blockchain technology," Marcus said in the announcement.
Facebook designed the wallet to make sending money as simple as texting a message. It supports instant, cross-border transactions without hidden charges. The company also redesigned the logo. The previous design drew criticism for its resemblance to another company's branding. The new logo features simple "novi" alongside the Libra icon, which Marcus said signals the company's dedication to the Libra network.
Facebook announced Libra in 2019 and faced growing congressional scrutiny from the start. Mark Zuckerberg and his company contend with skepticism from central banks and politicians across multiple jurisdictions. The Libra Association, which Facebook established to govern the currency's development, has faced its own backlash. The founding group had 28 members initially, but Visa and PayPal departed amid regulatory pressure. Three new organizations joined this month, bringing the total to 27.
The wallet will support Libra's design, which ties digital currencies to fiat alternatives including the US dollar, pound sterling, and euro. Facebook has not announced a launch date for Novi. Novi Financial will release an early version of the wallet as soon as the Libra network becomes operational. Following regulatory approval, the company will introduce Novi in select countries where it has obtained the necessary licenses.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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